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CNBC
Oct 12, 2012 7:00pm EDT
. the treasury today became the latest to confirm the government deficit topped $1 trillion once again. the treasury says the deficit was roughly 7% of gdp and, larry, the nobel peace prize goes to the eu. the nobel committee gave the prize to the european union acknowledging the 27 blocks advancement and a peace and reconciliation and i know a lot of people think this is ridiculous, but when you think about the history there and the fact that these countries 100 years ago and what they're doing is hard, maybe it's a reminder. >> they should have given them to them 70 years ago and this is the wrong time and i'll talk about that with my pal jimmy pathkuke as. >> my only personal view is it's a ridiculous thing so i've asked cnbc contributor jim pathkukas to come back. at this moment in time with the growth of welfare states and socialism and bankruptcy and bailouts i wouldn't give the european union an award of any kind. what this k this nobel peace prize people be possibly thinking? >> given what you just said and the fact, the eu could still break apart and maybe this is like a parti
CNBC
Oct 10, 2012 3:00pm EDT
it's going to be a shaming period. also, the risks of the budget deficit and 2013's challenges that regardless of who wins the election or controls congress is quite clear that the economy will have to suffer potentially from higher taxes and indeed reduced government spending. >> rick santelli, you heard that whole list of reasons. is that why we saw this ten-year auction today? people gobbling up ten-year government debt at these extremely low yields because they think they're not going to get much better elsewhere? sounds like people don't think there's a lot of growth coming. >> i think there's a little bit of truth in all of it. i'll bring up another point. i think october, a lot of mutual funds ahave the end of their fiscal year. it's been a good run for stocks. the spread between what the stock market is telling us and the economy is pretty wide. the election, depending how it turns out, could have a lot of implications. to me, it makes perfect sense the closer we get to the end of the year, the closer we get to november, people are going to be lightening up. it all makes sen
CNBC
Oct 11, 2012 9:00pm EDT
the skills they need to get the jobs they want, get this deficit and debt under control to prevent a debt crisis, make trade work for america to make more things in america and sell them overseas and champion small businesses. don't raise taxes on small businesses bus they're our jobts creators. talks about detroit, mitt romney is a car guy. they keep misquoting him. let me tell you about the mitt romney i now. this is a guy who i was talking to a family in north borrow, massachusetts, the other day, cheryl and mark nixon, their kids were hit in a car crash four of them two of them rob and reid, were paralyzed. the romneys didn't know them. they went to the same church, never met before. mitt asked if he could come over on christmas. he brought his boys, his wife, and gifts. later on he said i know you're struggling, mark, don't worry about their college, i'll pay for it. when mark told me this story, mitt romney doesn't tell these stories, the nixons told this story. he said it wasn't the help, the cash help, it's that he gave his time and has consistently. this is a man who gave 30
CNBC
Oct 12, 2012 3:00pm EDT
. now at 1429. >> let's go to our hampton pearson with breaking news on the deficit. hampton. all right. we're going get to hampton in a second. >> we'll wait on that breaking news. >> yes, exactly. >> in the meantime, less than an hour to ago, this trading day, is the dow going to go lower for the fifth session in a row? a five-day losing streak may not be a huge red flag for some people, but pension partners says u.s. markets are behaving in a way that suggests either a correction or something more severe may be on the way. >> in today's "closing bell" exchange, we have pension partners and our own rick santelli. michael, the signals that the markets are sending, boy, it's been going on -- hold on, folks. let's go to hampton pearson with breaking news on the deficit. >> michelle, from the treasury department and the omb, the final results on the 2012 deficit, and here are the highlights. the fy-2012 deficit was $1.89 trillion, $207 billion less than the 2011 deficit. the 2012 deficit came in lower than previously forecasted as the treasury department and omb. $121 billion less than fo
CNBC
Oct 9, 2012 7:00pm EDT
into the highest income brackets rather than reducing the deficit. >> it is most regrettable that he is do that go. he is throwing a huge monkey wrench into that. and byes way, cap gains go up and he is doing his own constituents in new york. a great disservice. coming up next, since the president's debate fi asco, obaa has done nothing but debate big bird. >> and romney is climbing in the polls and all that coming up next. >>> welcome back to the kudlow report. in this half hour, president obama getting a ton of donations from china and a ton of foreign donors and it is illegal. why isn't he putting a stop to it? i don't see how they make it through each day. i couldn't do it without faith. do they vote blue or red? ralph read is going to tell us about that story. >> but first, mitt romney has bolted past president obama in the polls. leading 48-47. now he is closing in on the critical battleground states. >> good evening to you. just a few weeks ago team romney was considering giving up in ohio. maybe the most important state in 2012. now there the romney plan is to push harder. he ca
CNBC
Oct 11, 2012 10:30pm EDT
able to provide detail what he would do to cut the deficit and no detail about the issue of syria and what the romney-ryan people would do any different than the president and any detail on the issue of afghanistan, what they would do differently on that issue. on question after question, i completely disagree with my friend, larry, i don't think he handled himself well at all on foreign policy issues, i think he was a total disaster. he did not look like he was ready to be commander in chief. i think the american people saw that. >> just one quick. >> i don't think -- >> one quick challenge. just one quick challenge to my good friend, keith boykin, i admire enormously. >> here it comes. whenever somebody says that -- >> actually, jared said earlier the first part of that debate was steaming and i agree. steaming was really on foreign policy and really on benghazi. i thought ryan drew a lot of blood. i think he put biden immediately on the defensive and the administration has a huge problem here a credibility problem, it could be a cover-up or falsehood problem. i think you saw that.
CNBC
Oct 8, 2012 4:00pm EDT
and deficit? the architect of greece's debt deal is here with a warning letter later on the "closing bell." >>> also coming up, nightmare in california. why the golden state is the only one in the country to see higher pump prices over the past couple of weeks and what that could mean for the rest of us. >>> up next, mixed signals. major averages may be near multihighs but we'll make sense out of the good and ugly. i'm an expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. tdd#: 1-800-345-2550 let's talk about low-cost investing. tdd#: 1-800-345-2550 at schwab, we're committed to offering you tdd#: 1-800-345-2550 low-cost investment options-- tdd#: 1-800-345-2550 like our exchange traded funds, or etfs tdd#: 1-800-345-2550 which now have
CNBC
Oct 9, 2012 2:00pm EDT
according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? ♪ ♪ ♪ [ male announcer ] introducing a reason...to look twice. introducing a stunning work of technology -- the entirely new lexus es. and the first-ever es hybrid. this is the pursuit of perfection. >>> we have got lots of sunshine today for a stock off nearly 70% year-to-date. talking about spectrum brands, very fitting name for sunshine. shares of the consumer products company soaring about 12%, in a deal to buy the hardware and home improvement group of stanley black & decker. the price tag? $1.4 billion in cash. >>> netflix had a rather amazing month, up about 18%. but it is our disaster du jour, which is redundant, a day after getting an upgrade, bank of america merrill lynch downgrades with as 72 target price a company called consumer edge commenting saying membership lovers -- membership numbers may have peaked in q 2, grandpa, competition ramps up, particularly from amazon.com. all this coming one d
CNBC
Oct 12, 2012 2:00pm EDT
surprising. new hampshire. >> it's cold. all right. we talk a lot about the deficit, the economy, jobless rates. qe-3 and cyber threats. jane wells is here with what could be the single biggest issue that could destroy america. jane. >> this is just coming into the news room. we've been researching it. it's a national epidemic. butt dialing. i've done it, you've done it. i often butt post on facebook the letter "p" several times. it's not funny when it comes to the 911 phone call centers. for every 100 calls made, 40 are action accidental. that's 100 million calls a year. cell phones are a good things because it helps report accidents and crimes more quickly. when you're butt dialing, it becomes a time waster. in some community, police have to go out and search down a silent call. the bigger the city, the bigger the problem. in new york city, 10,000 butt dial calls to 911 every day. >> what's the cost of that? got to be hundreds of millions of dollars. >> i don't know. you know what? i blame wall street fat cats and their fat fingered flash crash trading. >> all i can say is that is a
CNBC
Oct 11, 2012 6:00am EDT
board and that that, we can do that on a basis which won't increase the deficit. that was their position as i said for 99% -- >> but still his position -- >> hold on, joe, and you cannot do that as a mathematical matter without raising the tax burden on the middle class, it's not possible and all this debate about my studies and your studies is not possible, as bill clinton said at the democratic convention it's arithmetic. >> can we taxle the deficit without affecting the middle class? >> if i were vice president biden i'd put that back on the table and push it because it's too late to change your position 30 or 40 days before the election in a campaign that's gone, you know, for a year and a half. it's too late especially on an issue which you've been talking about every single day for those 18 months. it's too late. i'd take the view you can't change your position on something like that 30 days before the election, you can't change your position on repealing every fapset of obama ca facet of obama care or every facet of dodd-frank. we have a debate tonight, so to say nevermind, that d
CNBC
Oct 9, 2012 9:00am EDT
asking for a third bailout. greece says we need more time to hit our deficit targets. well, time is money. they have to borrow every single day. if they can't pay the bills, the money has to come from somewhere. so if it is going to be two years more before they balance the budget, somebody has to fill the hole. it doesn't mean the germans or the rest of europe will write the check. what a lot of individuals believe will happen is there will be a back door bailout via the ecb. remember, greece still owes the ecb 25 billion euros roughly over the next three years that really like the ecb to delay receiving payment. that's not going to happen. at least it is highly unlikely. what's likely to happen, carl, is greece to going to go to the short-term markets. they're going to issue t bills or short-term notes and their banks will buy them and bring them to the greek central bank and the greek central bank will bring them to the ecb and they will be paid back with the very money they're giving back to the greeks. it will be a big circle covering 25 billion euro hole over the next three ye
CNBC
Oct 8, 2012 12:00pm EDT
$800 billion fiscal cliff. 6.7% hit to personal disposable income. biggest debt and deficits as a share of gdp facing the country since world war ii. this election will have particularly rofund consequences on text market next year. >> you're looking for a profound pull back in the s&p. we're talking 100 points. 1360 is where your target is. what's that predicated on? >> a lot is the election and earnings environment. if we take the election and set it aside for now the earnings environment is deteriorating more than investors are willing to cop to at this point. first, fourth quarter of this year, we're supposed to see a remarkable recovery in earnings which i think is highly unlikely considering the macro economic climate. then an earnings kbroet in 2014. so with this fiscal uncertainty, investors have gotten a little bit ahead of themselves in terms of optimism. >> your overstating the election's impact on what the stock market will do? we had jack vogel on at the top of the show that said the market will get it wrong. >> that's possible the market gets it wrong depending on th
CNBC
Oct 11, 2012 7:00pm EDT
real big tax cut and run large deficits i'd say good for you, and back him on that, but i can't trust him. >> grover, i tried. i'll give you the last word. 20 seconds, grover. what's your last response? >> the difference, romney and ryan are going to take less spending and lower taxes, and that's better for the economy. >> music to my ears, grover norquist, but it is always great to welcome back dean baker to this program. thanks very much. >> thanks, larry. >> late err on, the white house forced to face their cover-up lies about benghazi gate. vice president joe biden goes on the record before millions of people at tonight's debate. also, is the administration lying to us about the benghazi terror attack? tweet us right no now @thekudlowreport, all one record, #kudlow. we will read your tweets on the air when we come back. don't forget, free market capitalism is the best path to prosperity. nowy what? paul ryan is going to carry free market capitalism in tonight's debate. you all wait and see. that's my prediction. i'm kudlow. we'll be right back. [ male announcer ] the 2013 smart co
CNBC
Oct 9, 2012 9:00pm EDT
record budget deficit. but for president reagan's former budget director david stockman, raising taxes on the rich isn't nearly enough to cure what ails the u.s. economy. in october 2010, stockman told lesley stahl that all tax cuts implemented by president george w. bush should be eliminated, even those on the middle class, and that his own republican party has gone too far with its anti-tax religion. >> tax cutting is a religion. what do you mean by that? >> well, it's become, in the sense, an absolute-- something that can't be questioned, something that's gospel, something that's sort of embedded in the catechism. and so scratch the average republican today, and he'll say, "tax cuts, tax cuts, tax cuts." >> cut taxes. >> cutting taxes. >> make the tax cuts permanent. >> it's rank demagoguery. we should call it for what it is. if these people were all put into a room on penalty of death to come up with how much they could cut, they couldn't come up with $50 billion when the problem is $1.3 trillion. so to stand before the public and rub raw this anti-tax sentiment, the republic
CNBC
Oct 9, 2012 4:00am EDT
significantly from this rhetoric that they need to do something about these large deficits immediately to make sure they don't harm growth. >> greece's case is a special one. they definitely need to do something on the fiscal front. imf has pushed the notion that greece needs debt restructuring. they're talking about whether there should be a delay. the imf has put on on the table informally that there needs to be a debt restructuring. i think you're overreading what they're putting into the uk story. when they did their review, they said if the economy slows down, you might have to change policy. well, what else would you do? sit on your hands and wait? in general they have been pretty consistent in favor of the tight fiscal loose monetary policy strategy. >> do you expect, does rbc, expect another restructuring? >> greece will definitely have on to do restructuring. the question is do they get one as part of a deal or do they take one. >> worth pointing out george will be joining us later on set. meanwhile, the ecc president draghi has been vowing to back the eurozone. he's announced pr
CNBC
Oct 12, 2012 12:00pm EDT
negative for the market. we need large deficits to support profits until the private sector starts to contribute a little bit more on the investment side particularly housing. so in effect, we're in a transition politically, the europeans are making some decisions on spain, and greece and in china they've got a party handover so all around the world the fiscal's in somewhat of a disarray because of the power structure in politics and the monetary authorities are fighting hard to keep the house in order. >> barry my traders are chomping at the bit. steve weiss g at it. we'll go around the horn. >> i used to follow your work when you were in the industrial space and you did great work there. you know more than most strategists what goes on with the underlying companies. having said that, and what's going on with china, how likely does it have to be more china to come in with easing and for europe to put their pains behind them in the form of a bailout with spain in order to get to your target? is that required? >> if you look at year-to-date just since the june 1 rally began, energy is
CNBC
Oct 11, 2012 4:00am EDT
deficit commissionity, simpson and bowles. they'll discuss the fiscal issues. that's at 12:30 eastern on fast money halftime report. so don't miss that. >> and still to come here, christine lagarde has harsh words about austerity. we'll head back out to cadd ere cadre oig in tokyo after the break. kadri in tokyo after the . >>> christine lagarde calls for developed nations to do more to get their budgets in order while at the same time urging europe to give greece more time. >>> and central banks take action on slowing global growth. interest rates both cut by 25 basis points as the economies try to copy with waning demand. >> plus the states have been raised for today's debate between joe biden and paul ryan and new polls show the race for the white house has tightened. >> kelly and i might be wearing a dapper of red today. european stocks -- >> we didn't even plan it. we're just on the same wave length. >> stocks have a dash of green. not much, just a little. a welcome break if you're long in the markets after these days of losses. >> ten year moving higher, but not much. it
CNBC
Oct 8, 2012 4:00am EDT
deficit that's delivering very low interest rates for us in the market at the moment. so that is the proof that there's international problems. >> the bae/eads merger, largest shareholder opposes the deal saying it would be better left as a stand alone company. >>> and angela merkel's first visit to athens since the eurozone crisis as finance ministers meet today in luxemburg. >>> very good morning to you. a new week on "worldwide exchange." and too late. if you haven't got your application in, it is too late. bank of england government job should have been in half an hour ago. so if you didn't make it, you're not going. jim o'neill wasn't applying, scott mcdonald wasn't applying either. i didn't get mine in. so never mind. stick here. also coming up, we'll be heading to new delhi to hear how undoing regulatory requirements could boost investments. details from one of the author of the quarterly cfo survey. and also president chavez is fig celebrating a hard-fought victory. if you have any thoughts, comments, whatever you like, e-mail us worldwide@cnbc.com or tweet @cnbcwex or @r
CNBC
Oct 8, 2012 6:00am EDT
getting on top of our debt problems. we have a credible plan to reduce our budget deficit, that's delivering very low interest rates for us in the markets at the moment. so that is the proof that there's international confidence in our plan. >> gilt yields are slightly lower. we're waiting for spain of course to ask for a bailout. spanish yields are lower. and if they stay in those sort of levels, spain will ride their luck for as long as they can. back to you. >> i was with you on that, ross. your audio guy was sleeping there for a second. we were going to step in and help you, but that was -- it was the eads, that's very unsettling what's happening with the eads. very unsettling. i'm anxious about how that finally plays out. >> no delay. >> just flew right over ross. >> flew right over ross. we may eventually have really quick flights again. did you see this guy who is going to jump out of balloon? he'll break the sound barrier. but as you're falling, since there's no -- what keeps you at terminal velocity is the air. if there's no air, they think he'll he break the speed of sou
CNBC
Oct 11, 2012 4:00pm EDT
about the fiscal cliff, resolving the deficit, and got inside goldman's business a bit. a lot of it was concerned with the warnings. >> if we do nothing, next year you'll have the rate of growth slow to somewhere like 3 to 5%. you'll have unemployment go up another 2% to around above 9%, and 2 million more people will lose their jobs. and we're doing nothing about it. >> it's very serious. i think the candidates know how serious it is. i think they're trying to avoid it, maybe in part because it is so consequential and serious. maybe the ideas that would have to be put forward will be unattractive to some people. obviously we're in a position where new discipline is going to have to be imposed. people are going to be disappointed in the consequence. >> they worship the god of re-election. they're figuring that out and how to duck every hot issue before november 6th. then erskine says the whirlpool of $7 trillion is going to hit us like a rainstorm. >> people are never going to understand how critical this particular time in history is. we have $7.7 trillion worth of economic events
CNBC
Oct 10, 2012 6:00pm EDT
? because according to experts, he'd have to raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? >>> it is time. it is time for the "lightning round." on cramer's you say the name -- >> buy, buy, buy! >> sell, sell, sell! >> when i play this sound -- [ buzzer ] >> -- and then the "lightning round" is over. are you ready, skee-daddy? let's start with dave in michigan. dave? >> caller: hey, jim, big detroit tiger boo-yah to you. >> nice. good luck. what is up? >> caller: hey, jim, agnc. i've got it in my retirement fund, and it's been dropping like a rock. and they're saying it's because of qe3. what do you think? >> look, there are issues involving the fact that these particular mortgage real estate investment trusts should not do as well in this particular environment. i think the yield, i think the dividend could go down a little, i don't know. to me, this one and anna lee, they have navigated almost every yield curve. i'm not going to back away from them. maggie in connecticut. >> caller: yes, jim, it's
CNBC
Oct 8, 2012 9:00am EDT
electorate goes, you're going to see the deficit reduced either by tax increases or public spending cuts or a bit of both. and i do think the intrenched positions you've had the last year and a half will in the send cause someone to blink, either the administration or congress because ultimately neither will want to push the u.s. into an unnecessary recession next year. the answer is, yes, i expect some compromise. may seem foolish given the behavior of washington in the last few quarters. but having said that, i do think you're going to see some compromise. and ultimately, although it has hurt the market, it won't be too much of a negative going into next year. >> some may argue the more important elections in the next few weeks are the spanish regional elections on the 21st, which may trigger or allow spain to then ask for a bailout. do you think that's the event to watch as opposed to -- earnings season is great, it's not going to be a headwind in your view. but do we really need spain to request a bailout in order for us -- the equity markets to move higher here in the u.s.? >>
CNBC
Oct 11, 2012 12:00pm EDT
bowles and lloyd blankfein of goldman sachs. we'll talk deficit, go inside washington and inside wall street for just about as long as they're willing to stay. gentlemen, thanks for joining us. erskine, you made a comment before we came on that said they didn't talk about the fiscal cliff or social security in the presidential debate. what does that tell you about the state of discussion about the issue of the deficit and the entitlement problems in this country? >> people are never going to understand how critical this particular time in history is. we have $7.7 trillion worth of economic events that are going to hit america in the gut in december. and in washington, they're doing nothing about it. nothing about it. we should be asking these guys running for president and every guy running for congress, what are you going to do? what kind of steps are you going to take? you know, if we do nothing, next year you'll have the rate of growth slow to somewhere, like, 3% to 5%. unemployment go up another 2% to around -- above 9%. 2 million more people will lose their jobs. we're doing
CNBC
Oct 11, 2012 1:00pm EDT
was unbelievable they didn't bring up the deficit. paul ryan opposes your plan. >> i know it. >> he dissented. >> and so did the president. everybody opposed -- we pissed everyone in america. nobody's doing anything for us. >> at the risk of pissing you off, what would you say to them? >> tell them we have a leaderless government and he can lead. this gentleman can't govern. he's doing politics day and night. >> erskine bowles, same question to you. if had a chance to advise obama and biden on what you want to hear about the deficit and the fiscal cliff, what would you tell them to say? are you not hearing now? >> to lead. lead from the front. just take on this enormous problem we have with economic growth. the best way to take that on is to reform the tax code, broaden the base, simplify the code, wipe out these tax expenditures and use that money to reduce rates, to encourage growth, and also to bring down the deficit. that's really attacked these entitlement problems. slow the rate of health care. make social security sustainably solvent. we can't afford to spend more in the next
CNBC
Oct 11, 2012 8:00pm EDT
, on national television, on cnbc, talking debt and deficit. that's got to be one of the key issues tonight? >> it should be. it's very important issue for the nation and you've got the president of the senate and vice president there and chairman of the house budget committee, we've got two people who have their positions well staked out, it ought to be a good conversation. >> governor engler, that could get difficult for paul ryan. he did not vote for this the last time around. biden is in a position of being in the administration that didn't pick up on this either. is that why we haven't heard more about it? >> i think the president did walk away from it and ryan voted against it, so paul ryan's got i think a good argument to make. he'll talk about the fact it didn't deal with the health entitlement costs and they're an important factor, perhaps the most important factor in getting long-term fiscal relief in place, but i think, you know, you've got two candidates the president, governor romney, they've got different viewpoints, different visions and i say let the seconds have at
CNBC
Oct 14, 2012 7:30pm EDT
had the first five-day downturn in three months. america's trade deficit widened in august as exports fell to the lowest level. $44.2 billion in august, an increase of 4.1% in july. it could be a sign a global slowdown is decreasing the demand for american goods around the world. two retail giants going head-to-head. walmart is going to start same day shipping for a flat fee of $10. obviously a direct shot at amazon.com. walmart shares jumped on that news soaring to an all time high while amazon fell. earnings season is upon us. what is it going to tell us for the economy and what it means for your portfolio. joe, good to see you. >> thank you, bill. same here. >> we are heading into the sweet spot of earnings season. so far, the consumers are holding out. global companies facing weakness in china and europe. >> i think q-3 will be soft as advertised. i think it will be temporary. the earnings weakness reflects concerns about europe that bled through the summer months. it was an inhibitor to hiring and spending. europe has been displaced by the actions. i don't think it will be as big
CNBC
Oct 10, 2012 7:00pm EDT
sweating that. but 2% gdp growth after you get to an almost 10% deficit spend of $3 trillion out of deficit stimulus, it's not robust growth. what happens in this election is important. clearly people have to get out and vote. what's going to happen on this groundwork and infrastructure of our economy over the next four years is going to be crucial for future generations. >>. no, it's not about infrastructure. it has nothing to do with infrastructure. david, it has to do with mitt romney's brilliant tax reform plan to lower the rates and broaden the base and cap the deductions. we're going to talk about that in the next segment with arthur laffer and jared bernstein. but don't you think there's potential here for a political and economic revolution? and if a pro-growth revolution comes, american entrepreneurs, american small businessmen and women are poised, they are poised to torque up the animal spirits and give this a great lift. i think people in the stock market are missing this, david goldman. >> larry, markets have never been good about predicting elections and discounted the
CNBC
Oct 12, 2012 6:00am EDT
you're printing money, at some point something bad happens. >> 180% of gdp, their deficit. we're 9%. so always a good idea to spend more money than you're take manage to try to get out of a recession. that's where you're at right now. so what you're doing is a government telling you that there will be inflation, we're going to keep interest rates very low. what that does, it encourages corporations to invest. the corporation sitting there with $2 trillion on their balance sheets and what they have to do, they have to invest to create jobs. the government is saying you can leave it there and wait for a disaster, but if you do, it will go down in value 4% every year and, therefore, encourage people to lower the dollar. that makes products worth more. so we're trying to encourage people to build products and plants. >> we had lloyd blankfein and simpson and bowles talking about the fiscal cliff. this is what lloyd blankfein had to say. >> i'd be a buyer of the market. goldman sachs would -- we not only value company, we're a company ourselves. we would be assuming that our business would g
CNBC
Oct 9, 2012 3:00pm EDT
not lost on ben bernanke either, larry. >> this assumes interest rates are going to go up as deficit goes up as opposed to the fact the dollar is a currency of last resort and has kept rates chronically low. i know we've gone way far from big bird, but we probably should have anyway. >> and way over time, but it's okay. it was a good discussion. thank you both for joining us. >> thanks. >> thanks so much, everybody. we have about 40 minutes left in the program and before the closing bell sounds. we have a market down about 100 points. chb >> by the way, have you seen apple shares lower? is this stock? trouble? we're going to look at the charts on that. >> then after the bell, alcoa kicking off the earnings season tonight. chairman and ceo klaus kleinfeld breaks down the numbers with us. join me for that interview. >>> welcome back. it's been quick, the move on apple. apple shares falling into correction territory today, briefly down 10% from the highs this year. they didn't stay there long. bertha coombs has the details. over to you. >> it's been watching the technical on apple here
CNBC
Oct 11, 2012 2:00pm EDT
deficit to a place where it is sustainable, we're talking about confidence here. we're talking about the ability, a, to fund the deficit and, b, to continue to attract capital. if you bring it down to place where the growth of the deficit is less than gdp, then have you a sustainable deficit. >> listen, i agree with that. frankly, simpson-bowles is better than anything else we've got so we might as well take it. there's things to like in here. flattening tax rates and getting rid of deductions? i don't think people realize this but simpson-bowles gets rid of the mortgage interest deduction, it gets rid of major tax expenditures that "cost the u.s." revenue each year. dpou that the economy can operate more efficiently. my comment is it's just not very big given the amount of debate that it engenders. >> brian had a wonderful list of all the things people might do, might open up their wallets once they feel they've got cough dense in their leaders. we have a lot of uncertainty right now. we don't know who is going to be in the white house in november. we don't know what's going to happ
CNBC
Oct 11, 2012 9:00am EDT
and lloyd blankfein, the man at helm of goldman sachs. a man on the deficit reduction committee and voted against simpson-bowles will tell us why he didn't like it and what he wants to hear in tonight's vp debate. oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. if we want to improve our schools... ...what should we invest in? maybe new buildings? what about updated equipment? they can help, but recent research shows... ...nothing transforms schools like investing in advanced teacher education. let's build a strong foundation. let's invest in our teachers so they can inspire our students. let's solve this. [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪
CNBC
Oct 9, 2012 6:00pm EDT
raise taxes on the middle class - or increase the deficit to pay for it. if we can't trust him here... how could we ever trust him here? oh, hey alex. just picking up some, brochures, posters copies of my acceptance speech. great! it's always good to have a backup plan, in case i get hit by a meteor. wow, your hair looks great. didn't realize they did photoshop here. hey, good call on those mugs. can't let 'em see what you're drinking. you know, i'm glad we're both running a nice, clean race. no need to get nasty. here's your "honk if you had an affair with taylor" yard sign. looks good. [ male announcer ] fedex office. now save 50% on banners. [ male announcer ] fedex office. why they have a raise your rate cd. tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally bank. your money needs an ally. on gasoline. i am probably going to the gas station about once a month. last time i
CNBC
Oct 12, 2012 9:00am EDT
control. president obama hasn't had a budget in four years. we have seen $4 trillion deficits under his lack of leadership with our debt reaching $16 trillion. and as you know, if we stay on this path, by the end of his second term, should he be re-elected, it would be $20 trillion. that's unacceptable. >> is there a way to say that within the framework of what simpson/bowles are now providing, this time with the involvement of a lot of the nation's ceos? >> well, governor romney and paul ryan, like i said, have laid out a plan, not just to bring spending under control, but to reform our tax code, get people working again. because with more people in the work force, we'll be able to generate more income and that will be more money coming in. as you know, right now with 23 million americans struggling for work, many of those underemployed, they can't get good jobs. the amount of income we need just isn't coming in. >> yeah. but what i hear you saying is that it's going to be on your terms from your plan. it's not going to be in any way trying to embrace a revamped simpson/bowles. we know
CNBC
Oct 11, 2012 5:00pm EDT
week. >> but investors have bigger fish to fry, like our massive deficit. >> spend $1 million a day since the birth of christ, you wouldn't be at $1 billitrillion. >> i'm really worried that if we don't get these guys to pull together rather than pull apart, that we face not only the most avoidable economic crisis in history, but the most predictable. >> so should you be bracing to jump off the fiscal cliff? >> i'm going to take the other side of that trade, i guess. >> you want to go -- >> the fast money guys. >> hey, i'm a hoot. >> guy adami will tell you that's what makes a market, this is "fast money." >>> live from the nasdaq market site in new york city, i'm melissa lee. apple loses altitude, is the weakness in technology a canary in the coal mine for the broader market? and at this point, you've got to wonder whether or not tech is showing signs of some sort of breakdown. >> that's a huge issue. in october, tech is now down 3% for the month. and there's divergence in the sector performance. you have financials up three, tech's down three, and you've got the general, which is
CNBC
Oct 9, 2012 6:00am EDT
deficit neutral, but i'm not raising taxes on the middle class. and depending on how you look at that, it's hard to make that math add. >> said one other thing, people that are now on entitlements will not be affected at all. >> right. so if all of that -- whether it's the tax policy, i know we've talked about there's a view that it's biased, but everybody who has looked at these numbers i have not found somebody who said the math adds. >> baked into those -- >> it doesn't say the math adds, no, only at 100,000. if you consider -- you're making over $100,000 your taxes are going up. you consider those people middle class or not? >> taxes are going to go up on certain people when the deductions go out. >> but you can't say at the same time that not raising taxes on the middle class -- >> stop. he said something else, which is equally important. if we get rid of some of these stupid regulations that are impairing jobs. >> right. >> let me give you one -- >> that's an argument i accept to some degree. >> david farr, the ceo of emerson electric had two plants in states that were not good
CNBC
Oct 12, 2012 4:00am EDT
deficit, here's our goal, here's the period of time that we have in order to fix it. and here are the measures that have to be on the table, the ones we can agree on, those we disagree on, but we have to come out with a way to so that the bleeding. that means putting everything on the table. now, i oppose -- the fact is that there can be an agreement in my view that we would all have to make some sacrifices. but for me to say i would support this, i wouldn't support that, that's not the way you negotiate. >> but you're saying you won't put the mortgage tax deduction on the table. >> i wouldn't agree to it. but the fact is that there can be an agreement. >> didn't the debt ceiling negotiation show that there simply cannot be a coming to terms between republicans and democrats? each party has their own sacred house that they refuse to budge. >> the president has agreed and boehner had agreed to a certain amount of revenue increases. boehner went to to the white house and the president napded that there be another $500 billion worth of tax increases. the whole they think fell apart. and
CNBC
Oct 10, 2012 6:00am EDT
deficit. now, there could be an argument for that, but i think the dangerous thing about him saying it is going and saying it to the national press club instead of being serious and working with the gang of eight and mark warner trying to reach some sort of agreement that you can bring both sides of the aisle to. going out there and saying stuff like that. it's incendiary. >> by the way -- >> are you trying to blame him for that? was there a camera? >> i just want to understand one thing, we clearly know that under obama, tax rates are going to go up at the top. >> obama care they are. >> well -- >> you think there's a misunderstanding among either romney supporters or a misunderstanding about romney's position on this issue? >> romney told everybody in the debate. he said if you're an upper income player, don't expect you're getting any help this time around. he said it. >> do you think people six months ago thought they were getting help? >> i think that was in their wheel house. >> but then they misunderstood because he always said the progressivity would maintain. he would lower ra
CNBC
Oct 10, 2012 9:00am EDT
in inventory, what ultimately happens to them, how do they alter deficits and gdp, it's a good number and we still have jolts coming up in five minutes. melissa lee back to you. >> thank you very much, rick santelli. let's take a check on the markets, not too much of a market reaction as for now. the s&p 500 holding steady at 1,439, the dow down by 39 points and the nasdaq eeking out a gain by 0.3 of a point. we are seeing weak innocence energy. oil prices are higher but we have weakness in the energy shares down by 0.9%. probably pressured by the chevron warning that came out yesterday after the bell. >> let's get to the road map for the next hour. is the consumer back on top and here to stay? costco beating the street's estimates as fourth quarter earnings up 27% on some higher membership fees while yum! brands brushes off some of the china fears. >> walmart going straight for amazon's jugular in time for the holiday season. it will launch same-day delivery for goods purchased online so as the rivalry grows, who will come out on top? >> toyota recalling nearly 7.5 million veh
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